AgDay Daily Recap -Aug 22, 2014

COMING UP TODAY ON AGDAY - IT'S THE FINAL LEG OF THE 2014 PROFARMER MIDWEST CROP TOUR. ARE CROPS CONSISTENT THROUGHOUT THE EASTERN CORNBELT... WE'LL HAVE A FULL REPORT, COMING UP NEXT. OUT WEST IT'S THE LOW END FIELDS MAKING ALL THE DIFFERENCE. IN AGRIBUSINESS...PROTECTING PROFITS IN UP AND DOWN LIVESTOCK MARKETS... AND THESE KIDS ARE SPOT ON FOR SPORT. TRAP SCHOOL FROM THE SHOW ME STATE TODAY ON IN THE COUNTRY. AGDAY BROUGHT TO YOU BY THE ALL NEW CHEVY SILVERADO - THE 2014 NORTH AMERICAN TRUCK OF THE YEAR.

CROP TOUR:

GOOD MORNING I'M CLINTON GRIFFITHS. THE 2014 PROFARM MIDWEST CROP TOUR IS NOW A WRAP...BUT THE OFFICIAL YIELD ESTIMATES WON'T BE OUT UNTIL LATER TODAY. AND THAT'S OUR TOP STORY ON AGDAY.

STATE BY STATE:

CLINTON... HERE'S HOW YIELDS HAVE STACKED UP ALONG THE WAY. IN OHIO SCOUTS PUT THE AVERAGE AT 182 BUSHELS PER ACRE ON CORN AND 1342 SOYBEAN PODS IN A 3 BY 3 SQUARE...BOTH ABOVE LAST YEAR. INDIANA CORN CHECKED IN AT 185 BUSHELS AND 1220 PODS. ILLINOIS--THE GARDEN SPOT THUS FAR...APPROACHING A STATEWIDE AVERAGE OF 200 BUSHELS PER ACRE ON CORN... SOYBEANS AT NEARLY 1300 PODS IN A 3 BY 3…

EASTERN LEG:

THE EASTEN LEG FINISHING UP WITH A TOUR OF NORTHEAST IOWA AND ON TO MINNESOTA. AGDAY NATIONAL REPORTER BETSY JIBBEN IS THERE - BETSY HOW ARE THE CROPS LOOKING?

STATE BY STATE:

CLINTON... THANKS BETSY...NOW OUT WEST....NEBRASKA 163 BUSHELS PER ACRE CORN AND BEAN PODS ABOUT 11-HUNDRED IN A 3 BY 3 SQUARE. SOUTH DAKOTA 152 AND 10-57. SO WE ONLY HAVE RESULTS FOR WESTERN IOWA. YIELDS IN AT 180 ON CORN, BEANS 11-HUNDRED 66...THAT WILL COMBINE WITH THE EAST LEG FOR FULL STATEWIDE AVERAGE…

WESTERN LEG:

OUR SCOUTS ON THE WESTERN LEG OF THE TOUR SAY IT'S NOT JUST HIGH QUALITY FARMLAND PUSHING YIELDS HIGHER. AS PRO FARMER'S CHIP FLORY TELLS US, THE LOW END FIELDS ARE MAKING THE DIFFERENCE THIS YEAR.

PROMO:

CLINTON…PROFARMER WILL RELEASE THEIR OFFICIAL TOUR ESTIMATES TODAY AT 1:30 CENTRAL TIME. YOU'LL BE ABLE TO SEE THOSE RESULTS ON AGWEB-DOT-COM.

TEASE:

JUST AHEAD TODAY'S ANALYSIS LOOKS AT PROTECTING PRICES IN THIS UP-AND-DOWN LIVESTOCK MARKET. LATER WE'LL VISIT ANOTHER GREAT AMERICAN BARN WHERE THE OWNER REMEMBERS THE 'EXACT DATE' THEY MOVED-IN THEIR DAIRY HERD. HISTORY FANS MIGHT FIND THE REASON INTERESTING.

TYSON HILLSHIRE DELAY:

CLINTON…TYSON FOODS IS AGAIN EXTENDING THE OFFERING PERIOD IN ITS BID TO BUY HILLSHIRE BRANDS. THE JUSTICE DEPARTMENT IS REQUESTING MORE INFORMATION ON THE MERGER. THE DEPARTMENT'S ANTITRUST DIVISION GOT INVOLVED AFTER U.S. SENATOR CHARLES GRASSSLEY OF IOWA ASKED THE DOJ TO TAKE A CLOSER LOOK AT THE $7.7 BILLION DEAL. TYSON'S SO-CALLED TENDER OFFER, AT $63 A SHARE, WAS EXTENDED BY ANOTHER WEEK AND IS SET TO CLOSE ON AUGUST 26TH.

RUSSIAN ALTERNATIVES:

RUSSIA MAY HAVE BANNED FOOD FROM WESTERN COUNTRIES--BUT NOW ITS LOOKING FOR PRODUCT TO FILL IN THE GAP. ACCORDING TO THE PIG SITE, RUSSIANS ARE APPROVING SEVERAL FOOD PROCESSORS IN CHILE AND BRAZIL FOR EXPORT. THAT COULD BE BIG FOR EXPORTERS IN THOSE COUNTRIES, BUT NOT GOOD FOR EUROPE. THE RUSSIAN EMBARGO STARTING TO HIT HOME... THE EUROPEAN COMMISSION INTRODUCING SUPPORT MEASURES FOR SOME PERISHABLE FRUITS AND VEGETABLES THIS WEEK.

ANALYSIS INTRO:

CLINTON…HERE AT HOME, LIVESTOCK PRICES FOUND A LITTLE FOOTING THURSDAY.
IN THIS MORNING'S ANALYSIS FARM DIRECTOR AL PELL TAKES A LOOK AT PROTECTING PRICES IN AN UP AND DOWN MARKET.

ANALYSIS:

BOB UTTERBACK MARKETING IS OUR GUEST HERE AT THE AGDAY DESK BOB LET'S TALK A LITTLE BIT ABOUT SPREADS I DON'T REALLY UNDERSTAND THEM THAT WELL BUT I GUESS RELATED TO LIVESTOCK BECAUSE THAT MIGHT BE AWAY THAT YOU COULD USE THEM TO MAKE SOME MONEY. WELL RIGHT NOW THE HOG AND CATTLE COMPLEX BOTH HAVE HAD A SHORTAGE OF SUPPLY SO THE FRONT END MARKETS HAVE EXPLODED TO THE BACK END AND CATTLE AND HOGS HAVE HAD RELATIVELY GOOD DEMAND SO WE'VE HAD GOOD DEMAND TIGHT SUPPLE AND THE FRONT END HAS GONE UP TO THE BACK END AND THAT'S CALLED AN INVERTED CARRYING CHARGE MARKET. SO HOW CAN YOU TAKE ADVANTAGE OF THAT. WELL WHAT AND SO THE BAIT WERE GOING HAVE IS HOW FAST IS EXPANSION GOING TO COME IN IS THE DEMAND GOING TO BE CONTRACTED AND EVERYBODY WANTS THE BACK END PRICE TO COME UP TO THE FRONT END. YES. REMEMBER CORN MARKET IN 2012 WE HAD THIS SAME STRUCTURE THE FRONT END WAS PREMIUM TO THE BACK END AND NOBODY WANTED TO HEDGE THE BACK END CAUSE THEY WANT THE BACK END PRICES BUT POINT I'M SAYING TO YOU THAT INVERTED CARRYING CHARGE MARKETS THE FRONT END IS EVENTUALLY GOING TO RATION USAGE STIMULATE PRODUCTION AND THE BACK END IS REALLY A TRUE VALUE BUT IT IF EVERYBODY WANTS THAT BACK END PRICE TO COME UP TO THE FRONT END THAT'S NOT GOING TO HAPPEN SO YOU HAVE TO START THINKING ABOUT REALLY PUTTING A PUT UNDER THE BACK END I WOULDN'T WANT TO SELL THE BOARD I'D WANT TO BE USING CATASTROPHIC PUT POSITION PROTECT ESPECIALLY IN FEEDER CATTLE MARKETS THE JANUARY CONTRACT IS DISCOUNTED TO THE FRONT IN SEPTEMBER AND NOVEMBER CONTRACTS I WOULDN'T WANT PUT PUTS UNDERNEATH THE MARKET AND I'D WANT TO SELL CALLS IN THE FRONT END MARKET LOOKING FOR WEAKNESS I'D BE SHORT CALLS IN THE FRONT END MONEY AND PUTS IN MONEY BUT DON'T GET TRAPPED IN THAT THE BACK END HAS GOT TO COME TO THE FRONT END NO WHAT'S GOING TO HAPPEN IS THE FRONT IS GOING TO THE BACK END SO REALLY AS ANOTHER PLAY IS YOU GOT TO START THINKING ABOUT A BEARISH SPREADER BEING SHORT THE FRONT END AND LONG THE BACK END CAUSE THAT SPREAD EVENTUALLY WILL START TO INVERT AND GO TO CARRYING CHARGE STRUCTURE MAYBE NOT AS MUCH IN THE MEATS BUT WE WILL SEE THAT IN THE GRAINS. IT WORKS .IT WORKS. THANK YOU VERY MUCH BOB UTTERBACK MARKETING OUR GUEST HERE AT AGDAY BACK WITH MORE IN A MOMENT.

WX:

WELCOME BACK TO AGDAY. HERE WITH METEOROLOGIST CINDI CLAWSON. CINDI LOOKING AT THE DROUGHT MONITOR THERE'S STILL SOME RED ON HERE BUT THERE ARE AREAS OF IMPROVEMENTS. YEAH THERE'S GOOD NEWS AND BAD NEWS ON THIS MAP. THE GOOD NEWS IS THAT WE CONTINUE TO CHIP AWAY AFTER THE DROUGHT IN PARTS OF THE CENTRAL AND SOUTHERN PLAINS. AND ESPECIALLY DOWN IN THE FOUR CORNERS REGION WHERE THAT MONSOONAL MOISTURE HAS REALLY KICKED IN AND KNOCKED AWAY THAT DROUGHT. BUT ITS STILL BAD OBVIOUSLY IN THE BULK OF CALIFORNIA AND WE'RE STARTING TO SEE SOME NEW DEVELOPMENT EXPANDING IN PARTS OF THE SOUTHEAST ESPECIALLY IN THE SOUTHERN PARTS OF GEORGIA. SO THOSE ARE AREAS WE'RE GOING TO KEEP WATCHING OVER THE NEXT FEW MONTHS. ALRIGHT LETS TAKE A LOOK AND SEE WHAT WE HAVE IN STORE FOR US AS HEAD THROUGH THE NEXT 24 HOURS OR SO. WE HAVE A COUPLE OF FEATURES TO WATCH. THIS IS THE MAIN ONE THAT'S BEEN BRINGING A FAIR AMOUNT OF RAIN TO A LOT OF THE CORNBELT. ITS NOT GOING TO MAKE A LOT OF MOVEMENT OVER THE NEXT DAY AND HALF OR SO. LETS PUT THIS INTO MOTION. WE'RE GOING TO BE SEEING TIMES OF SHOWERS AND THUNDERSTORM KIND OF RIDING ALONG THIS FRONT. WE HAVE ANOTHER FRONT FORMING IN PARTS OF THE NORTHERN PLAINS. THAT'S GOING TO BE A SLOW MOVER TOO BUT EVENTUALLY EVERYTHING WILL START TO MOVE TO THE EAST. MORE MONSOONAL MOISTURE FOR THE FOUR CORNERS REGION KIND OF MORE SCATTERED SHOWERS AND THUNDERSTORMS IN PARTS OF THE NORTHEAST. AND AS WE GET INTO OVERNIGHT TONIGHT ITS REALLY GOING TO BE ALONG THIS FRONT. WE REALLY HAVE SOME ENERGY IN PARTS OF MONTANA KIND OF THE TALE END OF THAT COLD FRONT SO WE'LL WATCH FOR SOME SHOWERS AND THUNDERSTORMS THERE. FAIRLY DRY ALONG THE GULF COAST STATES BUT WE'LL SEE A POPUP SHOWERS OR THUNDERSTORM OR TWO AS WE GET INTO THE HEATING OF THE DAY AS WE GET INTO THE AFTERNOON HOURS. THEN AS GET INTO THE SATURDAY FORECAST KIND OF THE SAME THING. THE BULK OF YOUR MOISTURE IS GOING TO BE OUT IN THE WEST WITH THE COLD FRONT. YOU'VE GOT THE LOW PRESSURE SYSTEM OUT HERE IN PARTS OF THE ROCKIES AND INTO THE WESTERN PARTS OF THE PLAINS AND OF COURSE THAT COLD FRONT SINKING THROUGH THE SOUTHEAST THERE. SO THOSE ARE THE AREAS TO WATCH FOR THE RAIN. NOW AS FAR AS PRECIPITATION THE ESTIMATE OVER THE PAST 24 HOURS ALONG ESPECIALLY THE STATIONARY FRONT...CHECK THAT OUT 2 TO 3 INCHES OR MORE IN SOME AREAS ESPECIALLY AS YOU GET TOWARD INDIANA AND OHIO AND WE ARE GOING TO BE ADDING MORE TOO THAT IN SOME SPOTS AS WE GET INTO THE NEXT 24 HOURS WITH THAT FRONT. NOT MAKING A TON OF MOVEMENT. BUT WE'RE ALSO GOING TO BE ADDING A LOT MORE MOISTURE HERE IN PARTS OF THE NORTHERN PLAINS AND INTO THE NORTHERN ROCKIES AS WELL. OF COURSE THAT MONSOONAL MOISTURE... LET’S TAKE A LOOK AT THOSE TEMPERATURES WHOOO 97 IN TULSA TODAY. WE'RE GOING TO BE SEEING SOME TRIPLE DIGITS IN SPOTS DEFINITELY VERY WARM AND THOSE 90'S CREEPING UP EVEN FURTHER UP TOWARDS...GETTING UP TOWARD THE CHICAGO AREA. SO WARM IN A GOOD PART OF THE COUNTRY THE COOLER TEMPERATURES REMAIN IN THE NORTHWEST. WHERE IT’S A LOT MORE COMFORTABLE FOR FOLKS... AND AS WE HEAD INTO THE OVERNIGHT HOURS…YOU DON'T GET A LOT OF RELIEF IN THE OVERNIGHT HOURS WHEN YOUR LOW TEMPERATURES ARE AROUND 80'S DEGREES. THAT'S REALLY BAD. YOU'RE LOOKING AT COOLER CONDITIONS IN THE NORTHWEST AND INTO THE NORTHEAST. AS FAR AS TOMORROW ANOTHER HOT DAY FOR THE SOUTH CENTRAL UNITED STATES. 70'S AND 80'S ACROSS THE NORTHEASTERN TIER SOME 60'S WITH THAT RAIN IN PARTS OF THE NORTHERN ROCKIES. THAT'S A LOOK AT YOUR NATIONAL FORECAST. NOW LETS CHECK ON YOUR LOCAL FORECAST. POWELL WYOMING SCATTERED SHOWERS AND THUNDERSTORMS FOR YOU WITH A HIGH OF 72 DEGREES…SUNNY AND HOT IN RUSSELVILLE ARKANSAS WITH A HIGH OF 96 AND INDIANA PENNSYLVANIA A CHANCE FOR SHOWERS AND THUNDERSTORMS WITH A HIGH OF 77..

ITC SKEET SHOOTING:

PATIENCE, DISCIPLINE, SAFETY - THOSE ARE THE HALLMARKS OF A VETERAN TRAP SHOOTER. THE NEW UNIVERSITY OF MISSOURI TRAP ACADEMY AIMS TO INSTILL THOSE TRAITS IN MANY HIGH SCHOOL STUDENTS AROUND THE STATE. KENT FADDIS WITH M-U HAS MORE.\

GAB TAG:

AND WE'D LOVE TO SHOWCASE YOUR BARN ON AGDAY AS WELL! SEND US A FEW PICTURES TO THE ADDRESS ON YOUR SCREEN. YOU CAN ALSO EMAIL THE PICS AND BARN INFO TO "GREAT AMERICAN BARNS AT AGDAY DOT COM".

STATION PROMO:

COMING UP MONDAY - FARMERS IN THE NORTHERN PLAINS TRY TO FINISH WHEAT HARVEST, WHILE OTHERS HAVE BARELY STARTED. IT WAS TOUGH GETTING HER IN, IT'LL BE TOUGHER GETTING HER OFF PLUS, PROFARMER CROP TOUR TALLIES. I'M CLINTON GRIFFITHS - JOIN US WEEKDAYS FOR AGDAY.

RFD PROMO:

CLINTON…FRIDAY ON AGDAY, IMAGES FROM THE FINAL LEG OF THE 2014 PROFARMER CROP TOUR. SCOUTS MAKE THEIR WAY THROUGH IOWA TO MINNESOTA. PLUS, RUSSIA LOOKING FOR FOOD IN SOUTH AMERICA, AND A GREAT AMERICAN BARN. JOIN ME 8 EASTERN ON RFD.